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首页> 外文期刊>International Journal of Business and Management >Interest rate pass-through in the Central African Economic and Monetary Community (CAEMC) area: Evidence from an ADRL analysis.
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Interest rate pass-through in the Central African Economic and Monetary Community (CAEMC) area: Evidence from an ADRL analysis.

机译：中非经济和货币共同体（CAEMC）地区的利率传递：来自ADRL分析的证据。

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Normal 0 false false false EN-US ZH-CN X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:SimSun; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} This paper examines the monetary transmission mechanism in the countries of the Central African Economic and Monetary Community. Specifically, we focus on the very first step of this mechanism namely the interest rate pass-through from short-term interest rates towards long-term rates. Using an autoregressive distributed lag (ADRL) model, we show that there is evidence of very low and incomplete long-run pass-through from the policy rate to the deposit rate. It appears also that the lending rate exhibits a huge overshooting effect in reaction to the changes in the policy rate. When splitting our time span in two interest rate cycles, we show that there is evidence of an interest rate cycle asymmetry
机译：正常0否否否EN-US ZH-CN X-NONE / *样式定义* / table.MsoNormalTable {mso-style-name：“ Table Normal”; mso-tstyle-rowband-size：0; mso-tstyle-colband-size：0; mso-style-noshow：是; mso-style-priority：99; mso-style-qformat：是; mso-style-parent：“”; mso-padding-alt：0in 5.4pt 0in 5.4pt; mso-para-margin：0in; mso-para-margin-bottom：.0001pt; mso分页：寡妇孤儿;字体大小：11.0pt;字体家族：“ Calibri”，“ sans-serif”; mso-ascii-font-family：Calibri; mso-ascii-theme-font：minor-latin; mso-fareast-font-family：SimSun; mso-fareast-主题字体：minor-fareast; mso-hansi-font-family：Calibri; mso-hansi-theme-font：minor-latin; mso-bidi-font-family：“时代新罗马”; mso-bidi-theme-font：minor-bidi;}本文研究了中非经济和货币共同体国家的货币传导机制。具体来说，我们专注于该机制的第一步，即从短期利率向长期利率的利率传递。使用自回归分布滞后（ADRL）模型，我们发现有证据表明从政策利率到存款利率的长期长期传递非常低且不完全。看来，利率对政策利率的变化有巨大的超调作用。将我们的时间跨度分为两个利率周期时，我们表明存在利率周期不对称的证据

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